Residents of Ontario town of Innisfil, Canada, will soon be able to pay property taxes in cryptocurrency, reported by local news outlet CBC on Mar 28.
Per the document, the Innisfil Council has launched a one-year cryptocurrency project with fintech company Coinberry. The firm will convert crypto assets to CAD (Canadian dollar) and transfer the payment to the Town of Innisfil.
Starting in April, the partnership allows Ontario citizens to pay personal taxes in Bitcoin (BTC) with Coinberry Pay. The wallet may add other cryptocurrencies like Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Ripple (XRP) in the near future.
“Payments will be processed through Coinberry Pay, a cryptocurrency payment processing solution developed by Coinberry for use by municipalities, charities, merchants and individuals looking to accept payments, donations or tips in cryptocurrency,” said Andrei Poliakov, Founder and CEO of Coinberry.
Commenting on the news, Lynn Dollin, the Mayor of Innisfil, says that the city is “proud to be first in taking this bold step by offering this new, exciting payment option”.
“There’s no doubt that cryptocurrency is growing in usage and popularity,” she added
Earlier in March, the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) released a proposal to regulate framework for cryptocurrency trading within the country. Yet it was unclear when the proposals would be enacted, as TheCryptoSight reported on March 14.